OVL, OIL gain stake off Mozambique

January 8, 2014

ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) have completed the acquisition of 10% PI in the Rovuma Area 1 offshore block in Mozambique by acquiring 100% shares of Videocon Mozambique Rovuma 1 Ltd, the company holding the 10% PI in the Area 1 from Videocon Mauritius Energy Ltd. On June 25, 2013, definitive agreements were signed with Videocon Mauritius Energy Ltd to acquire this interest.

Area 1 covers about 2.6 million acres in the deep-water Rovuma Basin, offshore Mozambique and represents the largest gas discovery in offshore East Africa with estimated recoverable reserves of 35 to 65 trillion cu ft. The partners in Area 1 include Anadarko (operator of the project), ENH (the NOC of Mozambique), Mitsui, BPRL, and PTTEP.

This marks OVL’s entry into this emerging world class offshore gas basin with significant future upside potential. Area 1 has the potential to become one of the world’s largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market.



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